Originally passed in 1976, the goal of the Consumer Leasing Act was to make sure that potential lessees of personal property obtained clear lease terms before they entered into contracts. With the information provided by the Consumer Leasing Act, lessees could easily compare the costs of different leases to see which company had the best deal. They could also compare the lease terms with the costs of buying with credit or using cash to cover the purchase. If the lessee has the option to buy the property at the end of the lease, the means for calculating the price should also be included in the lease terms.
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